REAL ESTATE LIC-ESCROW MONIES
Synopsis of Bill as introduced:
Amends the Real Estate License Act of 1983 to add a caption.
SENATE AMENDMENT NO. 1.
Deletes reference to:
225 ILCS 455/18.1
Adds reference to:
225 ILCS 455/18 from Ch. 111, par. 5818
Replaces the title and everything after the enacting clause.
Amends the Real Estate License Act of 1983. Creates an exception to
the requirement that the Office of Banks and Real Estate may penalize
a licensee under this Act when the licensee fails to maintain all
escrow monies entrusted to the licensee in a special separate account
until the transactions are consummated or terminated if the monies are
disbursed prior to consummation or termination in accordance with
directions contained in a written contract, signed by the principals
to the transaction or their agent. Provides that the Office of Banks
and Real Estate may penalize a licensee under this Act if the licensee
requires a party to a transaction who is not a client of the licensee
to allow the licensee to retain a portion of the escrow monies for
payment of the licensee's commission or expenses as a condition for
release of the escrow monies to that party. Effective immediately.
FISCAL NOTE (Dept. of Financial Inst.)
SB 897 would have no fiscal impact on this Dept.
HOUSING AFFORDABILITY NOTE
This bill will have no direct impact on the cost of construc-
ting, purchasing, owning or selling a single family residence.
Last action on Bill: PUBLIC ACT.............................. 90-0352
Last action date: 97-08-08
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status